Shares of Invesco Ltd. (NYSE:IVZ) ended Friday session in red amid volatile trading. The shares closed down -0.56 points or -1.80% at $30.54 with 2.21 million shares getting traded. Post opening the session at $30.95, the shares hit an intraday low of $30.50 and an intraday high of $31.06 and the price vacillated in this range throughout the day. The company has a market cap of $12.62 billion and the numbers of outstanding shares have been calculated to be 400.40 million shares.
On Sept. 22, 2016 Invesco PowerShares Capital Management, LLC, a leading global provider of exchange-traded funds (ETFs), announced the launch of PowerShares Variable Rate Investment Grade Portfolio (VRIG). The ETF will be actively managed by IFI, which collectively has more than 34 years of experience in fixed income investing.
With global interest rates at historical lows due to fiscal stimulus, VRIG offers investors a fixed income alternative that may benefit from rising short term rates. Rather than trying to time when interest rates may rise, the ETF seeks to be defensively positioned for higher short term rates, providing investors with the opportunity for current income.
“With structural money market reform coming in October, we are pleased to be adding VRIG to our ETF lineup of variable rate products, said Dan Draper, Global Head of PowerShares. “Companies across the U.S. have not experienced real rate increases for years, but with Libor rising they may have to pay higher rates on their loans while new money market rules could also slow demand for short-term debt.”
The addition of VRIG expands PowerShares industry leadership position with more than $6B in assets under management (AUM) in floating and variable rate ETFs.
VRIG will focus on investment grade assets with ample liquidity across a broad spectrum of asset classes. Broadly, the ETF will focus investments in floating rate US Treasuries, government sponsored agency mortgage-backed securities, US Agency debt, structured securities and floating rate investment grade corporates.
“IFI’s investment process has many potential benefits which are derived from our proprietary credit research that incorporates loan, property and borrower-level analytics as well as continuous risk management,” said Tony Semak, Senior Client Portfolio Manager at Invesco. “We are pleased to be collaborating with PowerShares to bring this unique product offering to the market.”
Shares of Manulife Financial Corporation (USA) (NYSE:MFC) ended Friday session in red amid volatile trading. The shares closed down -0.33 points or -2.30% at $14.02 with 2.19 million shares getting traded. Post opening the session at $14.24, the shares hit an intraday low of $13.99 and an intraday high of $14.26 and the price vacillated in this range throughout the day. The company has a market cap of $28.13 billion and the numbers of outstanding shares have been calculated to be 1.97 billion shares.
On Sept. 22, 2016 Manulife announced the introduction of an online retirement planning program for Canadians who participate in workplace retirement plans with Manulife and who are about to retire or are 15 years away from retirement. Retirement Redefined is designed to get these individuals to start thinking about the life they want in retirement, planning for their health to support their retirement lifestyle and the finances to achieve it. It is a personalized solution that includes planning tools and advice for group retirement customers to build a roadmap.
Only 22 per cent of Canadians between the ages of 55 – 65 are regularly saving and feel they are on track for reaching their retirement goals according to Manulife’s 2015 Financial Wellness survey conducted by Environics Research. There are more than 500,000 Canadians over the age of 50 enrolled in their employer’s Group Retirement plans managed by Manulife who are saving for their retirement.
“Too many people are leaving the security of their workplace without knowing how they will spend their time, pay for health costs or how to generate income in retirement,” said Sue Reibel , Executive Vice President, Institutional Markets, Manulife. “Retirement Redefined truly redefines how our customers think about and plan for retirement. It provides an engaging experience along with tools and resources, such as a team of professional Retirement Counselors and financial planners to ensure that future retirees are aware of what insurance and income they will need to have a long and healthy retirement.”